Diplomatic Efforts Weigh on Chicago Wheat Futures

Chicago wheat futures declined on Wednesday as traders weighed diplomatic efforts to end Russia's war with Ukraine against ongoing disruptions to Black Sea exports.

The most-traded wheat contract on the Chicago Board of Trade fell 7-1/2 cents to $7.39-1/4 per bushel, remaining below a 3-1/2-year high of $7.95 reached last week.

Profit-taking after a steady price increase also pressured the market, analysts said.